Tax News
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Click on links at left to find tax code changes, and helpful tips.

  • Withholding update for Arizona residents.  Click on Individual Tax link at left.
  • Social Security COLA for 2019 announced: Increase is 2.8%
  • Income ceiling for S.S. OASDI tax is $128,400 in 2018 and $132,900 in 2019
  • All income is taxed for the Medicare portion of Social Security.
  • Rates 2018: OASDI is 6.2 % / Medicare is 1.45% for individuals.  Self employed persons pay OASDI of 12.4% and Medicare of 2.9% . 
  • The full Medicare Prem. Part B is $134.00 per month in 2017. However, Social Security recipients whose payment increase was less than $29.10 will pay a prorated increase so that their Social Security payment is not less than the 2016 amount.  High income earners pay more.
  • On December 15, 2017, a House of Representatives and Senate Conference Committee released a unified version of the Tax Cuts and Jobs Act. The Tax Cuts and Jobs Act would reform the individual income tax code by lowering tax rates on wages, investment, and business income; broadening the tax base; and simplifying the tax code. The plan would lower the corporate income tax rate to 21 percent and move the United States from a worldwide to a territorial system of taxation.

 

 

 

Please be advised that all tax advice or information on this site is for instructional purposes only.  While we strive to keep all data current, it's virtually impossible to keep up with the constant changes in the Internal Revenue Code.  Always check with your tax advisor before making critical tax decisions.